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Do this for me , thumps up 100% Northwest Paperboard Company, a paper and allied products manufacturef, was seeking to gain a foothold in Canada.
Do this for me , thumps up 100%
Northwest Paperboard Company, a paper and allied products manufacturef, was seeking to gain a foothold in Canada. Toward that end, the company bought 40% of the outstanding common shares of Vancouver Timber and Milling. Inc, on January 2, 2021, for $410 million At the date of purchase, the book value of Vancouver's net assets was $780 million. The book values and fair values for all balance sheet items were the same except for inventory and plant facilities. The fair value exceeded book value by $10 million for the inventory and by $15 million for the plant facilities. The estimated useful life of the plant facilities is 15 years. All irventory acquired was sold during 2021. Vancouver reported net income of $150 milion for the year ended December 31, 2021. Vancouver paid a cash dividend of $20 milion. Required: 1. Prepare all approptiate journal entries related to the investment during 2021 2. What amount should Northwest report as its income from its investment in Vancouver for the year ended December 31,2021 ? 3. What amount should Northwest report in its balance sheet as its investment in Vancouver? Complete this question by enteriag your answers in the tabs below. Prepare all approptiate Joumal entries related to the investment during 202). (If no entry is required for a franiraction/event, select 'Wo fournal entry required" in the first sccount field Enter your answars in millions rounded to 1 decimal place, (f.e. 5,500,000 should be entered as 5.5). Prepare all appropriate journal entries related to the investment during 2021. (If no entry is required for a tranisaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place, (1.e., 5,500,000 should be entered as 5.5).) Journal entry worksheet 2345 Prepare all appropriate joumal entries related to the investment during 2021. (if no entry is required for a transaction/event, sefect 'No fournal entry required" in the first account fleld. Enter your answers in millions rounded to 1 decimal place, (1.ely, 5,500,000 should be entered as 5.5). Journal entry worksheet Prepare all appropriate joumal entries related to the investment during 2021. (if no entry is required for a transaction/event, select "No journal entry required" in the first account fleld. Enter your answers in millions rounded to 1 decimal place, (i.e., 5,500,000 should be entered as 5,5). Journal entry worksheet 1 5 Prepare all appropriate fournal entries related to the investment during 2021. (If no entry is required for a transaction/eyent, select "To foumal entry required" in the first account field, Enter your answers in millions rounded to 1 dedimal place, (i.e. 5,500,000 should be entered as 5.5).1 Journal entry worksheet Record the entry related to the inventory adjustment. Nelti linter deblt before credis Prepare all appropriate joumal entries related to the investment during 2021. (II no entry is required for a transaction/event, select "No journal entry required" in the first account field. Enter your answers in millions rounded to 1 decimal place, (1.e., 5,500,000 should be entered as 5.5).) Journal entry worksheet Step by Step Solution
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